President Biden is set to meet with Congressional leaders on May 9 to discuss how the U.S. will avoid running out of money after Treasury Secretary Janet Yellen informed Congress that it could happen as soon as June 1. Biden has avoided negotiating with House Speaker Kevin McCarthy (R-CA) as McCarthy and other Republicans want to include spending cuts in any debt ceiling legislation. Democrats accuse the GOP of cutting spending from housing, food and medical programs, however, a recently passed House GOP bill did not designate where spending cuts will be made. Breitbart reported that Senate Majority Leader Chuck Schumer declared the GOP Bill “dead on arrival,” but the latest reports suggest that Schumer is considering both a “clean” debt ceiling bill which would suspend the debt ceiling for two years as well as the GOP proposal.
